Bear Deposit

The Bear Deposit is a large porphyry copper system that was discovered and partially delineated in the 1960s and 1970s by previous mining companies, Anaconda and Phelps Dodge. The Bear deposit has never been consolidated under a single owner…until now by Lion CG. 

Lion CG has obtained data from 47 legacy drill holes totaling 128,842 feet. Lion CG has also completed 10 additional drill holes for a total of 34,284 feet, which has extended the deposit to the northeast and northwest. Lion CG has encountered thick (nearly 2,400 feet) intercepts of up to +0.40% TCu, which includes multiple intercepts of +1.0% TCu. Four of the drill holes conducted by Lion CG were angled, which aided in determining a NW-SE, northerly dip of the mineralizing porphyry dikes.

On August 4, 2026, Lion CG announced their maiden Mineral Resource Estimate* for the Bear, outlining an Indicated Resource of 6.71 billion pounds of contained copper and an Inferred Resource of 8.77 billion pounds. This represents a substantial addition to the company’s mineral resource inventory and provides a strong technical foundation for future engineering and mine planning activities.

The Bear Deposit is contiguous to Lion’s flagship Yerington Copper Project, meaningfully expanding the company’s district-scale copper endowment. The resource remains open for further expansion, and Lion intends to pursue upgrading strategies while integrating Bear into broader mine planning alongside Yerington, which is currently at the Definitive Feasibility Study stage.

The MRE has been prepared using the Company’s current mineral interests and the assumptions described in the supporting NI 43-101 Technical Report, which will be filed within 45 days of the press release. Lion does not yet hold all property interests required for future development, and securing the necessary permits and access rights will be an important consideration going forward. The Qualified Person has concluded that the mineralization demonstrates reasonable prospects for eventual economic extraction based on the assumptions and constraints described in the Technical Report.

Overall, the Bear Deposit represents a meaningful advancement for Lion CG, providing a strong technical foundation for future engineering and development activities at the district scale.

2026 Bear Mineral Resource Estimate

The MRE for the Bear Project is summarized in the table below. Mineral Resources are reported at a copper cut-off grade of 0.10 Cu% within a resource pit shell. 

Notes:

1. Effective date for this Mineral Resource estimate is July 21, 2026.
2. Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Definition Standards on Mineral Resources and Reserves (2014)
3. The independent qualified person for the Mineral Resource, as defined by NI 43-101 guidelines, is Tim Maunula, P.Geo. of T. Maunula & Associates Consulting Inc.
4. The 2026 Mineral Resource estimate uses a break-even economic cut-off grade of 0.10 %Cu for sulfide material based on assumptions of a net copper price of US$4.22/lb (after smelting, refining, transportation and royalty charges) and 75% recovery in sulfide material.
5. Mineral resources are presented as undiluted and in situ for an open-pit scenario and are considered to have reasonable prospects for eventual economic extraction. The constraining pit shell was developed using overall pit slopes of 40 degrees in overburden and 45 degrees in bedrock. The pit optimization to develop the resource-constraining pit shells was performed using HxGN MinePlan software.
6. The quantity and grade of the reported Inferred Resource in this MRE are uncertain in nature and there has been insufficient drilling to define the Inferred Resource as Indicated.
7. Mineral Resources are not Mineral Reserves and do not demonstrate economic viability.         
8. There is no certainty that all or any part of the Mineral Resource will be converted into Mineral Reserves.
9. The Qualified Person is not aware of any known environmental, permitting, legal, taxation, socio-political, financial, or other relevant issues that could materially affect the MRE.
10. The Company controls most of the property required for the future development of the Bear Deposit and remains engaged in ongoing property acquisitions.
11. Calculations used metric units (meters, tonnes). Metal contents in the above table are presented in percent, pounds, and tonnes. Metric tonnages and pounds were rounded, and any discrepancies in total amounts are due to rounding errors.

Qualified Person

The Mineral Resource estimate and information regarding supporting data has been reviewed and approved by Tim Maunula, P.Geo., an independent Qualified Person as defined under NI 43-101.

*For technical details, please see Aug. 4, 2026 News Release: Lion Copper & Gold Announces Maiden Mineral Resource Estimate for the Bear Deposit

Watch Dr. Tom Patton discuss the improtance of the Bear: